Kimberley
East Kimberley Joint Venture
- Significant tenement holding in highly prospective uranium province
U3O8 Limited announced that it has signed a Heads of Agreement with Northern Star Resources (NST) in February 2007, with regards to a major tenement package in the Kimberley region of Western Australia.
The project abuts U3O8 Limited's Mad Gap project in the East Kimberley region, between Halls Creek and Kununurra, and is considered one of the most significant unexplored provinces in Australia for uranium unconformity style mineralisation.
The following details the structure of the Joint Venture agreement:
- U3O8 can earn 75% interest in the uranium rights of the tenements by carrying NST to the completion of a bankable feasibility study.
- U3O8 to spend a minimum of $200,000 per annum
- U3O8 will manage all uranium exploration.
- NST will continue their aggressive exploration in the area for all commodities other than uranium.
Although no previous drilling has been reported in the Joint Venture area, significant uranium rock chip assays have been recorded at Frog (0.38% U3O8), Frog West (1.23% U3O8), and A3 (0.16% U3O8).
Significantly, a number of major uranium rich radiometric anomalies have also been identified in the area. These target horizon areas are up to 7km long and have never been the subject of surface exploration for uranium.
U3O8 Limited Mad Gap & East Kimberley Joint Venture
U3O8 Limited is currently in the process of flying a 34,000 line kilometres, detailed magnetic and radiometric survey over the entire area of U3O8 Limited's Mad Gap project and the East Kimberley Joint Venture. Following completion of the survey, further exploration, including drilling will be proposed for 2008.